"A determined soul will do more with a rusty monkey wrench than a loafer will accomplish with all the tools in a machine shop." - Robert Hughes
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No size reference so I'm guessing a bit but it looks like the center shaft for a "ridge reamer" for engine cylinder bores. I've used several different types but I think they had a hex rather than square drive. The course thread part expands the 3 support legs to anchor tool in bore. The cutter assembly mounts and turns (with large wrench or socket) on the fine thread portion. The fine pitch works like the lead screw on a lathe to feed cutter a certain amount with every turn. Will try to attach a pic from eBay.